Severance Event means either: (i) the effective date of the termination of Executive’s employment by the Company for any reason other than for Cause, or (ii) the effective date of the termination of Executive’s employment for Good Reason. A Severance Event shall not include a termination of Executive’s employment as a result of Executive’s death. The term “termination of employment” and other similar terms used in this Agreement shall be construed to have the same meaning as is given to the term “separation from service” in Section 409A of the Code.
Severance Event means an Eligible Employee’s Separation from Service on or within two (2) years immediately following the date of a Change in Control, (a) by the Employer other than for Cause, or (b) by the Eligible Employee for Good Reason. In addition, for purposes of this Plan, the Eligible Employee shall be deemed to have incurred a Severance Event, if (i) the Eligible Employee’s Separation from Service occurs because his employment is terminated by the Employer without Cause prior to a Change in Control (whether or not a Change in Control ever occurs) and such termination was at the request or direction of an Entity that has entered into an agreement with the Company the consummation of which would constitute a Change in Control or (ii) the Eligible Employee’s Separation from Service occurs because he terminates his employment for Good Reason prior to a Change in Control (whether or not a Change in Control ever occurs) and the circumstance or event which constitutes Good Reason occurs at the request or direction of such an Entity. For purposes of any determination regarding the applicability of the immediately preceding sentence, any position taken by the Eligible Employee shall be presumed to be correct unless the Board affirmatively determines that it has been established by clear and convincing evidence that such position is not correct. An Eligible Employee will not be considered to have incurred a Severance Event if his or her employment is discontinued by reason of the Eligible Employee’s death or a physical or mental condition causing such Eligible Employee’s inability to substantially perform his or her duties with the Employer, including, without limitation, such condition entitling him or her to benefits under any sick pay or disability income policy or program of the Company or any of its Affiliates.
Severance Event means an Eligible Employee’s Separation from Service by the Employer other than for Cause. An Eligible Employee will not be considered to have incurred a Severance Event if his or her employment is discontinued by reason of the Eligible Employee’s death or a physical or mental condition causing such Eligible Employee’s inability to substantially perform his or her duties with the Employer, including, without limitation, such condition entitling him or her to benefits under any sick pay or disability income policy or program of the Company or any of its Affiliates.
Examples of Severance Event in a sentence
Upon a Participant’s severance, the Participant may repay the entire outstanding balance of the loan (including any accrued interest) within a reasonable period following the Severance Event.
A Participant ceases to be an Active Participant effective as of the end of the payroll period in which the Participant has a Severance Event.
A transfer under this Section 10.3(a) may be made before the Participant has had a Severance Event and without regard to whether the defined benefit governmental plan is maintained by the Employer.
A Participant loan becomes due and payable in full immediately upon the Participant’s Severance Event.
If the Participant does not repay the entire outstanding loan balance before the earlier of the end of the calendar quarter following the calendar quarter in which the Severance Event occurs or the commencement of the distribution of the Participant’s Account, the Participant’s vested Account balance will be reduced by the remaining outstanding balance of the loan, and the remaining vested Account balance will be distributed in accordance with the distribution provisions under Article VIII.
More Definitions of Severance Event
Severance Event means that the Executive has been severed from employment by the Company without “Cause.”
Severance Event has the meaning accorded such term in Section 3.01.
Severance Event means the Termination of the Employee (a) by the Company other than for Cause, death or Total Disability or (b) by the Employee for Good Reason. In no event shall any one of the following events be treated as a Severance Event:
Severance Event means any of the following events: (i) Executive’s voluntary termination of employment for Good Reason, provided the event or events constituting Good Reason occur during the Employment Term and within the 24 month period following a Change in Control or (ii) a Qualifying Event occurring during such 24-month period.
Severance Event means (a) the involuntary termination of an Eligible Executive’s employment by the Company or any Subsidiary thereof, other than for Cause during the Effective Period or (b) the termination of an Eligible Executive’s employment by the Eligible Executive for Good Reason during the Effective Period.
Severance Event means (i) the involuntary termination of an Eligible Employee’s employment by the Company Group, other than for Cause, death or Disability or (ii) a termination of an Eligible Employee’s employment by the Eligible Employee for Good Reason, in each case, following the Effective Date and during the Effective Period; provided, however, that if the Eligible Employee is so terminated prior to a Change in Control the Eligible Employee must demonstrate that such termination was connected to or in anticipation of a Change in Control in order for such termination to be a Severance Event.
Severance Event means a termination of Participant’s employment with Employer that occurs prior to a Change in Control and (i) that results in Participant becoming eligible for payment of severance benefits